Our team meets up with incuto

Last week we welcomed Andrew Rabbitt, CEO at incuto, to meet the ClearBank team virtually and tell us about the business during our weekly company-wide Meet Up.

incuto is a socially profitable fintech that works with credit unions and the community banking sector to develop financial technology solutions that help people access high-quality financial services at the lowest possible cost, driving financial inclusivity in the UK. ClearBank and incuto launched their partnership in March 2020 to give incuto members faster and more efficient payment solutions.

“Over 1 million people apply for a loan a month and about 30% don’t get a result,” says Andrew Rabbitt. “At incuto, we’re filling the gap. We are allowing those people who have not received a result to gain access to the finances they need.”

“Our partnership has allowed us to significantly reduce the cost to our customers while giving them a tech platform that enables people to access their money faster and safer, which hasn’t always been the case.”

Jonathan Boon, Senior Relationship Manager at ClearBank, says “incuto and ClearBank share many of the same values, but one that stands out most is ‘we make a positive impact.’ incuto is making strides to prevent high-cost lending, while working closely with communities across the UK to provide everyone, especially those who previously have been financially excluded, with fair access to capital.”

Using ClearBank technology as part of incuto’s online platform, members have instant and accurate information about their finances, a clear benefit for developing skills on how to budget and manage personal finances. Right now, we’re processing over 100k payments per month for incuto, with more innovative solutions around virtual accounts and Bacs Direct Debits coming soon for incuto members.